The housing market made an INCREDIBLE recovery in 2020! The overall market is positioning to have as strong, if not stronger, 2021. Low inventory with record-low interest rates are the driving factors of this continued momentum.
According to the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR), buyer demand across the country is incredibly strong. Seller traffic is simply not keeping up. This mismatch between supply and demand is driving our current market.
Buyers need to remain patient in their search process. That also involves them being ready to act immediately once they find the right home. Gone are the days of “sleeping on options.”
Sellers may not want to wait until spring to put their properties on the market. With rates still low and high buyer demand, now is the perfect time to sell a property.
Barry County Residential Sales (**MICHRIC as of 1.12.2021**)
1. Residential Homes in Barry County Average Sale Price for 2020: $237,757
2. Residential Homes in Barry County Average Sale Price for 2019: $208,397
3. Number of Residential Homes on Market as of 1.12.2021: 71
4. October 2020 Months of Inventory: .79
5. November 2020 Months of Inventory: 1.04
6. December 2020 Months of Inventory: .80
Greater Regional Stats (Allegan, Barry, Calhoun, Eaton, Ionia, Kalamazoo and Kent Counties – Combined)
1. Residential Homes Sold Average Sale Price for 2020: $243,390
2. Residential Homes Sold Average Sale Price for 2019: $219,160
3. Average Days on Market for 2020: 30
The real estate market is entering the year like a lion. There’s no indication it will lose that roar, assuming inventory continues to come to the market!